The State of New York has a residential foreclosure actions consumer bill of rights. This gives homeowners information they can expect if their home goes into foreclosure. The foreclosure legal action is a lawsuit initiated by the bank’s attorneys to repossess the home, sell it and use those funds to pay off the mortgage.
The Foreclosure Process.
The foreclosure process starts by the homeowner receiving a ninety (90) day notice that the home is going into foreclosure. After ninety (90) days a Summons and Complaint will be served upon the homeowner. The homeowner at that point should immediately contact a foreclosure attorney. There are many actions the foreclosure attorney can do to help the homeowner. The foreclosure attorney can stop the foreclosure from going forward and sometimes tie it up in court for years. The foreclosure attorney can pursue on behalf of the homeowner a mortgage modification or forbearance agreement or other arrangements to help the homeowners and their family stay in the home.
The Response to a Foreclosure Lawsuit
When the homeowner retains an attorney, the attorney for the homeowner will file an answer to the foreclosure lawsuit. This stops the foreclosure lawsuit from going forward and allows homeowners to assert their rights. A failure by the homeowner to submit a written answer to the foreclosure lawsuit puts the homeowner at risk that the foreclosure lawsuit will move forward more quickly through the court and the homeowner will not obtain notice of the sale of their home until it is too late to stop it from being sold.
The law firm of Schlissel DeCorpo LLP has been helping families deal with mortgage and foreclosure problems for more than 30 years. We can be reached at 718-350-2802, 516-561-6645 or 631-319-8262 or by e-mail at info@sdnylaw.com.
